Bitcoin could crash all the way to $10,000 if US stocks fall 20%, Bloomberg strategist Mike McGlone warned this week. Traders are now split, because CryptoQuant says on-chain data puts Bitcoin's real floor near $30,000 — and that $10,000 is almost impossible.
Key points:
- Bloomberg's Mike McGlone says a 20% fall in the S&P 500 could pull Bitcoin down toward $10,000 support.
- CryptoQuant CEO Ki Young Ju rejects the call, pointing to $58 billion in ETF inflows and 1.3 million BTC held by treasury companies.
- Bitcoin held near $81,500 on Saturday, so traders are watching US stocks and the $80,000 level next.
McGlone says Bitcoin has rolled over after its 2025 peak above $100,000, and that its 50-week trend is now pointing down faster than stocks and metals. In his view, Bitcoin is the market's most sensitive risk asset, so a big stock-market drop would hit it first and hardest.
Ju answered McGlone directly on X on October 16. He argued that even if all ETF and treasury money left, the cost basis of long-term holders would still hold the floor near $30,000, and that a $10,000 price would mean an MVRV of 0.2 — far below Bitcoin's worst-ever bottom of 0.6.
Can Bitcoin really fall that far?
For now, the crash trigger has not happened. US stocks are down from their highs — the Nasdaq 100 had a weak week — but they are still a long way from a 20% drawdown, and Bitcoin is still holding above $80,000 after surviving a hot inflation report and a dip below that level earlier in the week.
That is why most traders are treating the $10,000 call as a warning, not a forecast. The level to watch stays the same: if Bitcoin loses $80,000 while stocks keep falling, the bearish case grows; if it holds and stocks steady, the $30,000 floor argument looks much stronger.
Read also: Coinbase Bets Big: $2.3 Billion Loan Book Pulls In 17 Banks
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Bloomberg, TradingView, CryptoNews, Bitcoin.com News